KARACHI: Swyft Logistics recently underwent a significant shakeup in its management structure. Muhammad Uns was relieved of his duties as CEO on April 01, 2023, following a decision made by the company’s board of directors. In his place, Ahmed Khan, who is the brother of Majid Khan, has been appointed as the interim CEO, while Shahzad Ahmed has been appointed as the interim CFO. This information was verified by a credible source within the company to Profit.
As per the company source, who wishes to remain anonymous, Swyft Logistics, like most other startups, is currently grappling with an environment of uncertainty due to the economic conditions prevailing in the country. Concerns over dwindling funding and cash flow have been weighing heavily on the minds of those at the helm. In line with other businesses in the startup ecosystem, the board’s top priority has been to minimise cash burn and ensure cost-effectiveness in order to sustain operations.
The board had certain expectations from the management team to enhance the cost-effectiveness of the business by implementing operational changes such as adjusting prices. However, the management team was unsuccessful in achieving the key performance indicators (KPIs) that were set. Additionally, their progress towards growing the business was sluggish as per the board’s standards.
Unfortunately, the situation escalated to the point where the last resort was to let go of some employees. Despite the pressing need to do so, the board was hesitant to go down this route as they wished to avoid any negative publicity during such uncertain times. Consequently, the board resolved to remove the CEO from his position as he was unable to meet the set KPIs and his leadership had been lax. An interim CEO has since been appointed to fill the void.
While this explains the recent change in the CEO’s position, the change of CFO has left some room for speculation. The appointment of an interim CFO has raised questions about whether there were other factors at play beyond just the management’s laxity. It is possible that the company’s financial controls were not as robust as they should have been, prompting the board to take this step. The appointment of an interim CFO may be part of a larger effort to investigate the underlying reasons behind the company’s inability to achieve its KPIs. The board may be keen to determine if the management’s ineffectiveness was the sole reason for the company’s underperformance or if other factors were also at play.
About Swyft Logistics:
Jabberwock Ventures is the parent company behind Swyft Delivery Solution, also known as Swyft Logistics, and Cheetay Logistics. Former specialises in efficient shipment delivery while latter is an online food delivery platform. Jabberwock’s CEO Majid Khan serves as the chairman of the Board of Swyft Delivery Solutions. The startup was launched in late 2019.
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